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Asian markets trade higher in early deals on Friday

27 Oct 2023 Evaluate
Most of the Asian markets traded higher in early deals on Friday, as the investor sentiments got boosted after US economic growth soared to 4.9% for quarter three. Asian indices rebounded as part relief rally after sharp corrections in previous sessions. Moreover, participants accessed Chinese government’s pledge on fresh stimulus measures to stem country’s ailing economy and to boost its markets. Beijing had announced to issue 1 trillion yuan in supplementary bonds for disaster relief and infrastructure enhancement efforts, while Chinese state fund Central Huijin Investment had purchased exchange-traded funds to support market stability. China's industrial profits fell at a softer pace in the first nine months of the year also encouraged risk appetite. Japan’s Nikkei also advanced with the stronger corporate earnings and on rise in foreign inflows amidst weaker local currency yen. Meanwhile, unexpected rise in core inflation rate of the country ahead of Bank of Japan’s monetary policy signalled need for monetary policy normalization.

Nikkei 225 up by 395.96 points 1.29% to 30,997.74, Hang Seng rose 168.78 points or 0.98% to 17,213.39, Taiwan Weighted enlarged 87.54 points or 0.54% to 16,161.28, KOSPI Index increased 4.82 points or 0.21% to 2,303.90, Jakarta Composite added by 58.30 points or 0.86% to 6,772.82, Shanghai Composite higher by 10.49 points or 0.35% to 2,998.79, and FTSE Bursa Malaysia KLCI widened by 1.77 points or 0.12% to 1,442.37.

On the flip side, Straits Times fell by 7.31 points or 0.24% to 3,064.00.

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